After a conga-line of international authorities derided Australia’s failure to implement anti-money laundering (AML) rules for real estate – something the federal government promised to do more than a decade ago – the Turnbull Government in November 2016 issued a consultation paper seeking feedback on implementing the AML second tranche covering real estate gatekeepers, like realtors, accountants and lawyers.
After the period for public submissions ended on 31 January 2017, the Coalition subsequently ruled-out the Tranche 2 reforms, instead opting for so-called transitional “phase 1.5” reforms that would exclude real estate gatekeepers, but make changes to the Act in preparation for Tranche 2.